How far is the Indian nominal exchange rate from equilibrium?

Ashima Goyal and Krittika Banerjee ()
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Krittika Banerjee: Indira Gandhi Institute of Development Research

Indira Gandhi Institute of Development Research, Mumbai Working Papers from Indira Gandhi Institute of Development Research, Mumbai, India

Abstract: Examining misalignments from equilibrium exchange rates for eight key emerging markets does not find evidence of systemic overvaluation. Swings associated with global events suggest changes are driven more by surges in global capital. The Indian equilibrium nominal rate depreciated since 2012 despite real appreciation but the range of 68-71 for INR/USD was close to equilibrium in 2018.

Keywords: Nominal exchange rate; Misalignments; India; Emerging market economies (search for similar items in EconPapers)
JEL-codes: F31 F41 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2019-11
New Economics Papers: this item is included in nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:ind:igiwpp:2019-030

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